Hard Rock Casino was the standout performer in Atlantic City as the region released figures from the third quarter of 2023.
The casino revealed gross profits of $44.3m, a slight increase from last year, and was joined by Ocean Casino Resort as a key driver of the region’s success during a period that, on the whole, was challenging for Atlantic City.
Against the trend of the region, Ocean Casino saw profit grow by 13 per cent to $43m, rising to similar profit levels of the Hard Rock, the resort was the key difference maker in the region’s figures.
Furthermore, it comes after significant investment just last year from the group as it sought to elevate the user experience – with the majority of the investment being utilised to bring in new hotel rooms and suites, which opened last Summer.
Nonetheless, overall figures in Atlantic City decreased by 7.5 per cent compared to the same period in 2022 and 0.9 per cent in the same period last year. The figures represent a levelling out of revenue after 2022 saw numbers bounce back from after the pandemic.
Occupancy rate of rooms within the resorts also remained high during Q3 at 85 per cent, only a minimal decrease on the same period last year.
Overall, revenue reached $971.8 for Q3, whilst gross operating profit stood at $281.2m.
The results were also slightly hindered by a cybersecurity issue that handicapped four key casinos in the region, yet in spite of this Atlantic City managed to record its third highest third quarter gross profit, as highlighted by James Plousis, Chairman of the New Jersey Casino Control Commission.
That being said, whilst the region remains profitable, there will be an emphasis on returning to growth amidst a challenging trajectory in recent times. Initial signs however, do suggest an upward period is on the horizon, with the latest results from New Jersey’s land-based casinos providing a positive outlook for October.
The New Jersey Division of Gaming Enforcement detailed that the overall gaming revenue reported by casinos, racetracks, and their online partners was $487.1m for October, a 9.3 per cent increase in comparison to the same month the previous year (October 2022: $445.7m).